Baker McKenzie has successfully assisted Regional Express Holdings Ltd in signing an agreement with PAG Asia Capital (PAG), a leading Asia Pacific-focused investment firm, regarding an investment by PAG of up to AUD 150 million to be used exclusively to support the launch of Rex’s domestic major city jet operations scheduled to commence on 1 March 2021.
Rex is Australia’s largest independent regional airline operating a fleet of Saab 340 aircraft on flights to over 50 destinations throughout all states in Australia. In addition to the regional airline Rex, the Rex Group comprises wholly owned subsidiaries Pel-Air Aviation (air freight, aeromedical and charter operator) and the two pilot academies Australian Airline Pilot Academy in Wagga Wagga and Ballarat.
Baker McKenzie's lead partner, Frank Castiglia stated: "Rex has been a longstanding client since we acted on the airline's IPO back in 2006 and we are proud to once again support them in securing up to AUD 150 million in investment funding from PAG for the next significant phase of their business establishing domestic jet operations."
PAG's previous investments include leading quick-service restaurant operator Craveable Brands, specialty retailer The Cheesecake Shop and integrated property services firm DTZ. PAG is supported by a team of more than 200 investment professionals in nine key offices in Australia, Asia and around the world. PAG currently manages USD 40 billion in capital on behalf of more than 150 leading institutional investors from Europe, North America, Asia, Australia and the Middle East.
Frank was assisted by a Baker McKenzie team comprising: Daniel McGuiness and Peter Debney.
The Minter Ellison team assisting PAG was lead by partner Chris Allen.